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We had a distinct feeling of déjà vu when Tattersall’s announced it was merging with (read ‘acquiring’) UNiTAB by offering 4.33 of its shares for every UNiTAB share. Some years back, Tabcorp decided it needed to get bigger and that diversification was the way forward. And unfortunately Tattersall’s seems to be headed down the same road. While UNiTAB is a great business, it’s also very highly priced, as we said most recently, in issue 183/Aug 05 (Sell—$13.05). By acquiring UNiTAB, Tattersall’s is...

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